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Willis Towers Watson 8-K Report, Financial Results (Jul 30, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed July 30, 2026
Period End
June 30, 2026
Security
WTW
In the record · 2016–202610-K1210-Q338-K148

WTW filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 148 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Aug ’17Aug ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Oct ’25Oct ’25

01—Abstract

Summary

Summary of the 8-K filed July 30, 2026. Cited figures are marked; the original filing is the authoritative source.

WTW (Willis Towers Watson Public Limited Company) reported second quarter 2026 results in a press release furnished as Exhibit 99.1 on July 30, 2026.

Revenue rose 9% year over year to $2.47 billiona ($2,466 million), with organic revenue growth of 5%. Reported diluted EPS was $2.43, down 27% from $3.32, and net income fell to $231 million from $332 million. Adjusted diluted EPS rose 17% to $3.35 from $2.86, and adjusted operating margin expanded 100 basis points to 19.5%, while GAAP operating margin declined 150 basis points to 14.8%.

The gap between GAAP and adjusted results reflects $61 millionb of transaction and integration expenses in the quarter, largely tied to the Newfront acquisition, versus $2 million a year earlier. The company announced Propel, an AI and automation acceleration plan to be completed by the end of 2028. WTW expects roughly $625 million of cash investment and about $25 million of non-cash charges to generate approximately $400 million of run-rate savings, with about $50 million reinvested for growth, leaving approximately $350 million of net run-rate savings.

Management targets an adjusted operating margin of approximately 30% in 2028, and the full-year 2026 guidance remains unchanged. The board also increased share repurchase authority by $1.5 billionc, in addition to roughly $500 million remaining under the existing open-ended authority. Free cash flow for the first six months rose to $360 million from $217 million.

Quarterly share repurchases were $450 milliond, and dividends were $90 million. Cash and cash equivalents fell to $1.63 billion at June 30, 2026, from $3.13 billion at December 31, 2025, reflecting $1.04 billion of acquisitions in the first half.

Total debt was $6.53 billion, and the company cites a debt-to-adjusted-EBITDA ratio of 2.4x on a trailing twelve-month basis. Management guided to an expected share repurchase of $1.0 billion or greater in 2026.

02—Key points

Key Highlights

  1. Revenue of $2,466 million, up 9% reported and 5% organic; income from operations fell 1% to $364 million.
  2. GAAP diluted EPS of $2.43, down 27%; adjusted diluted EPS of $3.35, up 17%.
  3. Adjusted operating margin of 19.5%, up 100 basis points; GAAP operating margin of 14.8%, down 150 basis points.
  4. Propel AI Acceleration Plan targets an approximately 30% adjusted operating margin in 2028, with about $625 million cash cost to achieve and about $400 million run-rate savings.
  5. Share repurchase authority increased by $1.5 billion, on top of roughly $500 million remaining; $450 million repurchased in the quarter.
  6. Free cash flow of $360 million for the six months, up from $217 million, with cash from operations of $474 million.
  7. 2026 guidance unchanged, including expected Willis Re joint venture EPS headwind of about $0.30 and Newfront acquisition dilution of about $0.10.

03—Questions

Frequently Asked Questions

  1. Why did GAAP diluted EPS fall while adjusted EPS rose?

    GAAP diluted EPS fell to $2.43 from $3.32, primarily because the prior-year quarter included a $74 million tax effect of significant adjustments that is excluded from adjusted results, and because transaction and integration expenses rose to $61 million from $2 million. Adjusted diluted EPS excludes amortization, transaction and integration expenses, and net periodic pension benefits, rising to $3.35 from $2.86.

  2. What is Propel and what financial impact does WTW expect?

    Propel is WTW's AI Acceleration Plan to embed AI and automation across the enterprise by the end of 2028. WTW expects about $625 million of cash investment and about $25 million of non-cash charges to generate roughly $400 million of run-rate savings, or about $350 million net after reinvesting about $50 million for growth, targeting an approximately 30% adjusted operating margin in 2028.

  3. How is WTW returning capital to shareholders?

    In the second quarter WTW repurchased 1,733,574 shares for $450 million and paid dividends of $90 million. The board increased share repurchase authority by $1.5 billion, which is in addition to approximately $500 million remaining. WTW expects 2026 share repurchases of $1.0 billion or greater, subject to market conditions and potential organic or inorganic investment opportunities.

  4. Did WTW's full-year 2026 outlook change?

    No. The company stated that its full-year 2026 guidance remains unchanged. Its 2026 considerations include continued annual margin expansion, about 100 basis points of annual margin expansion in Risk & Broking, a Willis Re joint venture headwind to adjusted diluted EPS of about $0.30, and a foreign currency tailwind of about $0.35 for the full year at current rates.

  5. How did the balance sheet and cash position change?

    Cash and cash equivalents declined to $1,627 million at June 30, 2026, from $3,132 million at December 31, 2025, after $1,039 million of acquisitions of operations in the first six months. Total debt was $6,530 million, and total equity was $7,770 million. The company cited a debt-to-adjusted-EBITDA ratio of 2.4x on a trailing twelve-month basis and a long-term leverage target of 2.0x to 2.5x.

04—Continue

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